If you are a newcomer to asset exchange, a great decision would be to start with something simple. The FBS trading platform gives this opportunity. The Cent account provided by the web solution is ideal for people who are just beginning their journey to financial achievement in the foreign exchange market. It is appropriate for Forex brokers with $1 minimum deposit — you can invest just a little with insignificant risk to test your capabilities, and then you are free to decide whether trading is for you or not.
What Makes Traders Victorious?
Successful traders are those who have mastered their emotions and who are above their fears and hopes. Without any doubt, knowledge of economics and mathematics helps to quickly understand the situation and to predict the movement of charts. But at a key moment, this knowledge is overshadowed by momentary worries about the loss or acquisition of capital.
Successful traders are persistent people. They can motivate themselves to do the daily routines of reading the news and picking up ideas. There are very few such people. Trading is like your own business. Here, no one forces you to do something. There is no manager who will give you a task and then remind you a few more times to do it. That is why in the stock market, those who have earned and lost money are not distributed in a ratio of 50 to 50, but about 10 to 90 percent. This is an approximate dispensation of managers and subordinates in the world. If you are not ready to control yourself, then your emotions will control you.
Plan for a Novice Investor
Here are some steps to start from in the world of trading:
• You need to begin with the topic “How to be in the market?” (what to pay attention to, how often to read the news, whether you need to read analytics, on which sites to look for charts, quotes, etc.). Next, it is important to get acquainted with the basics of technical analysis. The usefulness of this method lies in the fact that the main indicator of the stock – the price – is the only objective information available to everyone at the same time. Access to other information (company news, reports) is different for everyone.
• Next, it is great to move on to learning the basics of a medium-term stock exchange. This is the most common type of securities trading, as it is the easiest to combine with the main work. How to choose stocks for a portfolio? How to choose entry points, stop loss, and make a profit? For medium-term investing, you need to know the answers to these questions.
• The next step is aerobatics. This is intraday trading, the so-called intraday trading. Here it is important to get acquainted with the trading platform, learn how to customize it for yourself, select stocks for trading, choose points for opening positions, and determine to stop loss and take profit levels.
• After mastering intraday trading techniques, the most advanced move on to learning options trading. This is a rather complicated tool, but at the same time, it provides incredible trading opportunities, which is why it is deservedly very popular all over the world.
The path to understanding the essence of trading is long. Not everything will turn out right away. It will be especially difficult to follow the chosen strategy. This is the path for the persistent.
Something to Take Away
Millions of people around the world are trading, but only a few do it professionally. Not many of them perceive stock operations as a second job. The main associations among people are that trading is a game of the asset exchange, money, and luck. Much attention is paid to money, although this is only a result, not a goal. Finances, of course, are important, but the doctor’s primary goal is to cure the patient, not to receive a fee. As a goal, any trader should have the right actions when opening and closing positions, and not earnings. Profit will come if you act with discipline and correctly.